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A US 60/40 portfolio has had another 7% drawdown since the summer

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History of US Treasury Bond bear Markets (since 19th Century)

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Long-Term Bonds Worst Returns (1950-1981)

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Shiller CAPE Ratio S&P 500 since 1881

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REITs are trading at significant discounts to equities since 2003

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Extreme Market Concentration since 1964

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Rolling 10-year US Stock Returns since 1914

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European Stocks Are Almost the Cheapest Ever Versus The US since 2006

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European Stocks are Almost the Cheapest Ever Versus the US since 2006

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Stock Yields vs. Bond Yields: 1926-2023

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